The Business program is made by a division of CCH. See if this helps:
https://support.cch.com/kb/solution/000 ... uage=en_US
The Business program is made by a division of CCH. See if this helps:
You need to go through the individual paystubs, not just the last one. There may be an "invisible" paystub for the option exercise, from which the withholding is already added to the YTD number on the very last paystub.deanmoriarty wrote: ↑Sat Jan 23, 2021 4:00 pmYes, that’s exactly what I did, the numbers I posted above come from the YTD listed on the last paycheck, plus the extra withholding that the company required me to pay but never listed on the paycheck itself.
You can't use 5500-SF anymore.
https://www.irs.gov/retirement-plans/form-5500-cornerEffective for plan years beginning on or after January 1, 2020, a “One-participant” plan * and a foreign plan can file Form 5500-EZ electronically using the EFAST2 filing system or file Form 5500-EZ on paper with the IRS. You can no longer use Form 5500-SF in place of Form 5500-EZ.
When you can't domesticate, you can form a new entity in the new state and merge/acquire your existing entity. When the new entity acquires the existing entity, perhaps the EIN can go with it? I'm not a lawyer.Quirkz wrote: ↑Wed Dec 30, 2020 12:10 pm I've researched enough to know that in many states you would "Domesticate" the business, filing paperwork that basically relocates it to the new state. I've also learned that Oregon does not have a process for domestication. The suggestion seems to be that I would just dissolve the Colorado business and create a new one here in Oregon. Does that sound right?
1. I haven't used the Basic edition (always needed to file a state return). I also don't remember what the "What If Worksheet" covered. You can always make a copy of the tax data file, open the copy, change whatever numbers in the copy, print out the 1040 form and compare with the original.
It counts. The minimum and the maximum use the same income definition.drhoda wrote: ↑Mon Dec 14, 2020 8:44 am I’ve researched this online and while it is clear that ROTH conversions count toward MAGI for ACA subsidy eligibility it is still not clear to me is whether such conversions count toward “minimum” income requirements for ACA. Can anyone here provide definitive clarity on this issue?
Lowering AGI isn't an option for people who itemize. This $300 is only available to people who don't itemize.HomeStretch wrote: ↑Mon Dec 14, 2020 8:22 am If your AGI impacts anything (such as ACA subsidy eligibility, Tax Savers credit, etc.), the $300 cash donation may be better as it lowers your AGI.
I don't know whether it really matters or not but I would treat it as if it does. Because the solo 401k is a plan by the business, let the money come from the business account. Leave enough money in the business account for this purpose. Maybe technically you don't have to, but this way keeps it very clean. Why make it muddy and complicated?goodstafford wrote: ↑Mon Dec 07, 2020 11:47 pm I also have read in several places that it doesn't matter whether those funds come from the business account or the personal account since it's all the same for a sole proprietor.
Even though it's true, you're probably better off with Roth conversion anyway. If your income is that low, the Roth conversion is likely tax-free or nearly tax-free.stvyreb wrote: ↑Mon Dec 07, 2020 3:07 pm 1) If I'm reading this correctly? It seems if I took the 2020 APTCs in advance, even If my income for 2020 ends up that it Would have qualified me for Medicaid, the APTCs won't be "clawed" back ?
So, guess I won't do any Roth Conversion or small nonrequired RMDs for 2020 "to be safe"
The deduction is limited only if the income exceeds a cutoff/phaseout. You don't have to worry about whether you're a Specified Service Trade or Business (SSTB) if your income is below the cutoff.
You don't need to figure out the exact value/fund of this original contribution in your account today. You just leave the original basis amount of $5500 behind for conversion.
You don't, assuming you're talking about the downloaded/CD software. I've gone from TurboTax to H&R Block, back to TurboxTax, back to H&R Block a few times. Both programs import each other's data file from last year seamlessly. I never lost any carryovers.
If she didn't work (not an active participant in a workplace retirement plan, nor married), she's eligible for a deduction for contributing to her Traditional IRA with no limit on income.
The ease of use is about the same between the two products. The only difference for your needs is that TurboTax is about twice as expensive. Without state tax filing, either the Basic or the Deluxe Federal-Only edition will work. It doesn't matter whether you get the physical CD or only a download. The CD simply has the download file on the CD. IMO the H&R Block Deluxe Federal-Only for $17.50 on Amazon sounds like the best deal for your needs. If you want TurboTax, it's $30 for Basic or $40 for Deluxe Federal-Only.
It can also do returns for a partnership or S-Corp in addition to personal returns. It's the best deal on the market. TurboTax Business is $120, and it doesn't even include personal returns.
From the Society of Actuaries:alexcr wrote: ↑Sun Nov 29, 2020 9:56 am I know there are plenty of online life expectancy calculators, which provide the age you're most likely to live to. For example, your life expectancy might be 90.
But are there any online calculators that give you your probability of reaching each year? For example, you have a 53% chance of reaching age 89, a 50% chance of reaching age 90, a 48% chance of reaching age 91, a 45% chance of reaching age 92, and so on?
Employee Fiduciary offers manual rollover. See this thread:
No brokerage offers this in their "investment-only" accounts. Being "investment-only" means they don't know or care or want to know or care which account is pre-tax, after-tax, or Roth. The investment-only accounts only hold investments. The tax aspects are completely on you.
If a plan hasn't been adopted by 12/31, what's the employee electing to defer into at that point? There's no basis for the election. I don't think employee deferral contribution can be made if the plan isn't adopted by 12/31.Spirit Rider wrote: ↑Wed Nov 25, 2020 1:23 am For self-employed individuals only an employee deferral election is required by 12/31. No elections are required for employee after-tax and employer contributions.
They have until their tax filing deadline including extensions to make all three contributions.
Because they don't assume that every employer adopts a section 125 plan? By default employees pay a share of the premium with after-tax money. To the IRS, having a section 125 plan is a special case. The employer has to do something to get there. If they were referring to the employee share within the section 125 plan, I would think they have to specifically call that out.Spirit Rider wrote: ↑Sun Nov 22, 2020 10:06 pm HSA and 401k employee contributions are considered employer contributions of respective salary reductions. However, this reference is made to an employee share of insurance premiums that is most often pre-tax. Why would they explicitly mention this in this context if they weren't referring to the vast minority case.
Aren't those typically pre-tax payroll deductions under a section 125 plan and not reimbursable again by the HSA?Spirit Rider wrote: ↑Sun Nov 22, 2020 11:45 am The most obvious is that if you continue working after age 65 and remain on your employer's plan. Your employee share of the premiums are a qualified medical expense.
What spread is this? I get the impression buyers and sellers get the same closing price and there's no spread.
You can if you buy it directly from an insurance company outside the marketplace. For example, Delta Dental sells plans to individuals. There may be an exclusion period for major services.Infomom2 wrote: ↑Fri Nov 20, 2020 1:30 pm I know this isn't a tax question, so I will post in another sub0forum if no responses, but does anyone know if I can buy dental insurance at any point and am not limited to open enrollment? I just don't feel ready to make that decision yet and need to pick a medical health plan (not dental) by 12/15.
Sorry. Fidelity's fee for other transaction-fee funds is lowered to $49.95. I guess the fee for Vanguard funds is still $75.Explorer wrote: ↑Wed Nov 18, 2020 8:46 pmWhen I tried to place an order for a VG mutual fund at Fido, it still shows $75 commission. What am I missing?tfb wrote: ↑Wed Nov 18, 2020 7:28 pmThe fee used to be $75. It's $49.95 now.Eleanor852 wrote: ↑Wed Nov 18, 2020 10:34 am Hello all. I use Fidelity for everything and wanted to buy into Vanguard funds as per advice.
The fee is $75 for each fund.
Correct when your MAGI in 2020 is below $196k for a full deduction or $206k for a partial deduction.
The fee used to be $75. It's $49.95 now.Eleanor852 wrote: ↑Wed Nov 18, 2020 10:34 am Hello all. I use Fidelity for everything and wanted to buy into Vanguard funds as per advice.
The fee is $75 for each fund.
I thought the QBI deduction doesn't reduce MAGI.Spirit Rider wrote: ↑Wed Nov 18, 2020 8:26 am The ACA 400% FPL cliff and premium tax credits are based on your ACA MAGI which is based on your AGI.
Your AGI/MAGI is reduced by; HSA contributions, 1/2 SE tax, SEP IRA or pre-tax one-participant 401k contributions, self-employed health insurance deduction*, IRA contributions, 20% QBI deduction**, etc... Have you used tax software to do pro forma tax returns to accurately calculate your AGI)MAGI.
*This is a complicated recursive calculation involving base insurance cost and premium tax credits.
**Self-employed qualified business income (QBI) is reduced by; 1/2 SE tax, self-employed health insurance deduction, pre-tax employer retirement plan contributions.
TurboTax does the iteration behind the scenes. When it's done, the PTC and the SEHID should add up to your total healthcare outlay. There's nothing wrong with that. However, if your MAGI swings above and below the 400% FPL line during iterations, TurboTax may have trouble with the calculation. If you post your household size, your MAGI before any healthcare expenses, the annual cost of the SLCSP for your household size, and the annual cost of the plan you actually chose, I can put them into my tool to see what the correct PTC and SEHID should be. PM these if you'd like to keep the numbers private.
Lots don't matter in an IRA. The amount that must move is calculated by a computer according to an IRS formula. The formula doesn't just look at the shares you bought with the 2020 contribution. Chances are the computer did it correctly. You don't need to do anything else.
The routing number for each bank is public. All the customers of the same bank have that same routing number. Someone doesn't have to get your account number. They only have to mistype a number that happens to match your account number. That person may be paying their own bills but they mistyped it. Or the person at the medical office mistyped it. Just dispute it and the bank will take care of it.
Just to note the donations have to be in cash and putting money into a donor advised fund doesn't qualify. It reduces AGI and MAGI for ACA tax credit.
From the other thread, add "check writing on multiple individual funds." If you have two funds that support check writing, you can have two separate checkbooks. It sounds like the brokerage account only has one checkbook which uses the settlement fund plus one fund as the backup.